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Practical Money Matters Radio Series

October 22, 2012
Be Careful When Choosing Your Work Benefits

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Find out what steps you can take this open enrollment period to ensure you are getting the most out of your benefits.

Transcript

Chances are you'll be receiving your benefits open enrollment materials in the coming weeks. Yes, it's a pain to wade through all that paperwork, but simply choosing the same coverage each year can be a costly mistake. Here's why:

Many benefit plans, especially medical, change coverage details from year to year. Watch out for increased monthly premiums, deductibles and copayment amounts as well as different drug coverage. Factor in any family status changes, such as marriage, divorce, birth or adoption of a child. Also, ask whether your employer offers Flexible Spending Accounts. These accounts can save you thousands of dollars on health and dependent care expenses by cutting your taxes.

Bottom line: Avoid costly mistakes by taking a few minutes to review your enrollment materials.


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